Debt / THE DECISION DESK
Debt Consolidation Calculator
Compare current debt with a consolidation loan, including its fee, payment, term, and total interest.
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$6,569
Compares remaining interest with the new loan's interest and fee.
New loan
Full cost comparison
How this is calculated
Your current debts are approximated as one balance using a weighted average APR and a fixed payment. Actual results for several debts differ as their balances and rates change. Use the debt payoff calculator for an individual-debt simulation.
Enter the new contract interest rate excluding fees. The consolidation loan finances the balance plus its origination fee; this assumes the fee is added to the balance, not deducted from proceeds. Total cost includes that fee and all interest over the quoted term.
The model assumes fixed rates and payments and does not include late fees, variable rates, or new borrowing.
Further reading: CFPB: debt consolidation.
Common questions
›When does debt consolidation save money?
It saves money when the new loan's interest and fees are lower than the interest remaining on your current payoff plan. A lower monthly payment alone does not prove that.
›What APR should I enter for several debts?
Use a balance-weighted average: multiply each balance by its APR, add those amounts, then divide by the combined balance.